Please refer to our unchanged analysis here.

KME’s pressing issue is not the bond’s maturity, and so it is not the bonds that will be addressed with the sale of the Specials division. We do not anticipate a

Wolfgang Felix16 June 2021KME

Matalan - Timing

Please refer to our unchanged analysis here.

Timing is important now for Matalan. The company now has time enough time to report on at least 3/4 of a year before it must refinance its RCF and

Wolfgang Felix14 June 2021MATALAN

Intralot - Arithmetic, Time and GHBV

Please refer to our unchanged analysis here.

The trouble with a 5-year business plan is of course that it should survive at least the first three months. Since making ourselves unpopular on the last call,

Wolfgang Felix11 June 2021INTRALOT

KME - Herding the cats

Please refer to our unchanged analysis here.

Renewed efforts by certain lenders to sell their exposure in the borrowing base facility suggests that any financing solution is

Aengus McMahon11 June 2021KME

OHL - War’s end.

Please refer to our unchanged analysis here.

Progress on disposing of assets it had promised to sell is expected but execution is still the driver. OHL is likely to get less than

Aengus McMahon11 June 2021OHL

Intrum - taking profit

Please refer to our unchanged analysis here.

Taking profit after shares rally back to pre-pandemic levels makes enough sense, but why now? The answer may lie in the

Wolfgang Felix10 June 2021INTRUM

OHL – The final slice

Please find our unchanged analysis here.

The fact that since Friday the equity has fallen by less than the value of the subscription rights (EUR0.22 value vs -EUR0.14 drop), shows that the

Aengus McMahon8 June 2021OHL

Carlson Travel Inc (CWT) – Filling the capital tank

We are initiating on CWT. Please find our analysis here.

CWT is close to the definition of a COVID recovery play. But what are the economics and how can we position ourselves? The shutdown of all

Aengus McMahon8 June 2021CWT

CMA CGM – Fleet of foot with the wind in its sails

Please refer to our unchanged analysis here

CMA-CGM is of course enjoying a rebound in activity, but there is more. Q1 2021 revenues were boosted by higher-than-expected shipping volumes, however

Aengus McMahon7 June 2021CMA CGM

Pro-Gest - Tons of margin

Please find our unchanged analysis of Pro-Gest here.

Among the widening commodity margins and increased Mantova production, there is little to be critical about, except perhaps the

Wolfgang Felix7 June 2021PROGEST

Cnova - planning world domination

Please refer to our unchanged analysis here.

Cnova have released a 157 page presentation this morning in line with their analyst call in order to raise an additional €300m of capital from a primary IPO. But where does that leave Casino?

Conclusion:

Tomás Mannion7 June 2021CNOVA, CASINO, RALLYE

Intu SGS Structure - Bricks and mortar, Positioning

Please find our new analysis on INTU SGS here.

With UK Covid restrictions starting to ease, UK shoppers are starting to return to the High Street and Shopping Centres. With foreign travel opportunities limited this year, and the significant “forced” savings in the UK economy, we expect a boost to UK retailers over the coming months.

Positioning:

Tomás Mannion4 June 2021INTU

KCADeutag - reducing margin for extended contracts?

Assuming the North Sea contracts are extended for additional 2 years, plus

Tomás Mannion3 June 2021KCA Deutag

Takko - Positioning and Accounting for Discontinued Management

Please refer to our updated analysis here.

The company yesterday reported “Comfortable” liquidity of E52m per the end of May - some chunky E52m more than we had anticipated. The thesis therefore

Wolfgang Felix2 June 2021TAKKO

Cnova - Double positive

lease find our unchanged analysis of Cnova here.

Cnova released press statement this morning outlining their plans to raise c.€300m in a primary offering this year. Although we

Tomás Mannion1 June 2021CASINO, CNOVA

WFS – Q121 shows clouds over the field are clearing.

Please refer to our unchanged analysis here.

The recovery in cargo volumes and the quicker return of passengers to the sky in North America have been a relief for the industry. WFS saw

Aengus McMahon28 May 2021WFS

Modulaire Group - Reviewing the situation

Please refer to our unchanged analysis here.

While VAPS continue to drive strong LfL growth and the IPO remains in discussion, we are now urgently looking to

Aengus McMahon28 May 2021ALGECO

Almaviva - 1.825% - What are we waiting for?

Please find our unchanged analysis here.
We wonder why despite the company’s client concentration this bond has not been refinanced yet. Yes, maturity is

Tomás Mannion26 May 2021ALMAVIVA

Pepco and the Liquidation Application

Please find our unchanged analysis here.

Today one event was about Steinhoff's assets and the other about its liabilities. Neither event was particularly positive but in the scheme of things we

Wolfgang Felix26 May 2021STEINHOFF

Takko - leaving so soon

Please refer to our unchanged analysis here.

News this evening from Takko seem to reflect the situation we have been pointing out for a while. The departure of both CEO and CFO seems sudden and not

Wolfgang Felix25 May 2021TAKKO